Spring Airlines (601021) Q4 2024 earnings summary

Executive summary

• Achieved revenue of ¥19.999 billion in 2024, up 11.5% year-over-year; net profit attributable to shareholders was ¥2.273 billion, up 0.7% year-over-year.

• Passenger traffic, load factor, and total turnover all exceeded 2019 pre-pandemic levels, with load factor at 91.5%.

• Maintained industry-leading safety record with zero major incidents and significant investment in safety and training.

• Expanded fleet to 129 aircraft, with a focus on fuel-efficient models; international capacity recovery accelerated.

• Proposed cash dividend of ¥0.82 per share, total payout of ¥797.6 million, representing 35.09% of net profit.

Financial highlights

• Operating revenue: ¥19.999 billion (+11.5% YoY); net profit attributable to shareholders: ¥2.273 billion (+0.7% YoY).

• Operating cash flow: ¥5.895 billion, down 11.9% YoY due to increased payments for goods and services.

• Basic and diluted EPS: ¥2.33; ROE: 13.72% (down 1.6 percentage points YoY).

• Gross margin for air transport: 12.04%; domestic business remains main profit contributor.

• Total assets: ¥43.84 billion; net assets: ¥17.38 billion; asset-liability ratio: 60.35%.

Outlook and guidance

• Plans to further expand fleet by 5, 12, and 14 aircraft in 2025, 2026, and 2027, respectively.

• International and regional capacity expected to recover to over 90% of 2019 levels in 2025.

• Focus on digitalization, cost control, and product innovation to enhance competitiveness.

• Continued emphasis on safety, service quality, and environmental sustainability.